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Malta to become a blockchain island

Malta to Become a Blockchain Island

By Stefan Filipović
Published 3 months ago

Crypto havens are sort of in a trend right now. We constantly hear announcements from all around the world how some country, state or city will become a crypto and blockchain haven. This is interesting because it could be a first time that legislators need to create a haven for a technology. A hundred years ago nobody thought to create ˝an electricity haven˝. This just goes to show how transformative blockchain technology really is. One of the latest ˝haven announcements˝ is coming from the Mediterranean island of Malta where the officials have reported that Malta will become a ˝blockchain haven˝ when new legislation comes to power.

Three Bills

As Malta Today reports, three bills that establish a regulatory framework for blockchain technology has been passed by the Parliament of Malta. Those three bills are the Virtual Financial Asset Act, Innovative Technological Arrangement and Services Act and the Malta Digital Innovation Authority Act.

With these new bills Malta will become the first world jurisdiction to provide legal certainty to this space, said Junior Minister for Financial Services, Digital Economy, and Innovation within the Office of the Prime Minister of Malta, Silvio Schembri in a tweet. Possible motivation for these bills was that there already were a few companies that announced their decision to operate from Malta. Authorities are hoping to strengthen the economy of Malta with new blockchain-friendly laws.

Companies will look to come to Malta because they will encounter a safe and stable business environment, expressed his joy Dr. Jean-Philippe Chetcuti of Maltese law firm Chetcuti Cauchi Advocates.

We can easily see that those bills are not just empty promises. Recently a lot of blockchain-related companies have come to Malta. Just some of the notable ones that have set some operations in Malta are BitBay, Okex, and Binance. Malta just might be on their way to becoming a European crypto haven.

Conclusion

These newly created crypto-havens could work as a proving ground for the blockchain technology and cryptocurrencies in itself. One thing is certain, government authorities around the globe do not see blockchain just as a technology, they see it as a potential new financial system. Because of that, it is unrealistic to expect liberal crypto laws from world's major powers. Rather than that, it is logical to assume that they will look upon these crypto havens in order to try and understand consequences of completely blockchain-friendly laws. If Malta and others do good and create a prosperous business environment we could expect some changes on a bigger scale. Until that, the blockchain and crypto community needs to support such blockchain-friendly laws in small countries because those countries might be a kickstarter to some major future changes.

TheTokener already wrote about Japan and South Korea and their goal to become an Asian crypto havens. Two economic giants might as well lead the blockchain movement in front of all the other smaller crypto-friendly nations such as Malta. Let us hope that good thing will come out of this.

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